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CIS to have common currency in six years?
The Finance and Banking Council (FBC) of the Commonwealth of Independent Countries (CIS) is going to create a common monetary area in the CIS member states by 2017, President of Russian VTB Bank Andrey Kostin said in Baku on the sidelines of the 4th Banking Conference of CIS member-states.
He said that the CIS Executive Committee had already elaborated the concept of collaboration and action plan.
"Creating a common currency area is a gradual process. First, you need to create a system of mutual settlement of accounts, then a common currency," said Andrey Kostin.
The VTB Bank President stressed that the Customs Union of Russia, Belarus and Kazakhstan will speed up the process.
